Citizens M&A Advisory served as the exclusive financial advisor to Greenshades Software in a growth recapitalization led by Gearbox Capital, LLC and Waypoint Capital. As part of the transaction, existing investors, including SFW Capital Partners, Greenshades founders David Rosas and Matt Kane and management, will continue to retain a substantial ownership position in the company. Terms of the private transaction were not disclosed.
Founded in 2002 and headquartered in Jacksonville, FL, Greenshades is a rapidly growing payroll and HR platform serving mid-market companies with complex, compliance-heavy HR and payroll processes. Greenshades’ all-in-one software platform enables businesses to run payroll in-house via accurate payroll, proactive compliance, automated tax calculations and robust employee engagement. Greenshades’ solutions are underpinned by deep integrations into mid-market ERP platforms such as Microsoft Dynamics, Bullhorn and Sage Intacct, among others. Greenshades’ customers include more than 3,700 mid-sized businesses that employ approximately four million people across the United States.
Under SFW’s ownership, the Greenshades platform has significantly evolved, including the development of a modern, compliance-centric mid-market payroll solution in addition to a range of integrations and partnerships that address the hire-to-retire workflow needs of its customers.
SFW Partner Roger Freeman said: “We are pleased to have worked with Scott Rhodes and the Citizens team on the Greenshades transaction. Their deep knowledge of potential buyers with interest in the HR technology space enabled them to run a strong process and ultimately secure a positive outcome.”
“The Citizens team impressed me early on with their eagerness to dive in and truly understand our business, a task that was made easier by their deep expertise in the Payroll and HR technology sector,” said Greenshades CEO David Rosas. “My appreciation only grew throughout the process as Citizens navigated a complex transaction and ensured that the company and management were well-represented throughout.”
Scott Rhodes, managing director at Citizens M&A Advisory, said: “Greenshades is poised for significant growth with its broader suite of software solutions for human capital management. Citizens is pleased to have advised the company on this important transaction to facilitate its aggressive growth strategy.”
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